- Ripple bullish correction adds 2% on a daily basis; retracement towards $0.6 is underway.
- The SWIFT denial catches the investors by surprise as XRP/USD briefly slides below $0.5.
Ripple (XRP) has been leading the altcoin recovery in the market since the week started. However, the fireworks have died down while the incredible momentum is fizzling out of the market. The price change table provided by FXStreet shows that the market is mixed and green where most assets are showing faint gains following the retracement on Thursday.
Ripple’s XRP, for instance, is up 2% on Friday following a slight deep that trimmed the gains from the highs marginally above $0.55. The asset is trading lower highs and lower lows within the confines of a newly formed bearish channel. The channel support is observed slightly above the support at $0.48and appears to be strong enough to hold as the trading enters the European session.
At present, XRP/USD is exchanging at $0.504 after retracting from the lows of $0.492. Ripple price is trading between the simple moving average support and resistance with the 50 SMA, which coincides with the 50% Fibonacci level found between the highs of $0.557 and the lows of $0.464. On the other hand, the 100 SMA will work as a support line in the event a reversal progresses below the descending channel support. The price has other support areas highlighted at $0.45 and $0.40. It is vital that XRP is kept above $0.5 for the potential upswing towards $0.80 to become a reality.
SWIFT denied rumors of integrating Ripple’s RippleNet and xRapid payment solutions in its soon to launch network upgrade. The platform upgrade is expected to allow banks to have access to real-time transactions. The denial has sent Ripple a little off the balance with the investors feeling the pinch of the slide below $0.5. However, all is not lost as the trend during the Asian trading hours promises good tidings that could break above the resistance at $0.54 and stage a rally heading to $0.6.
XRP/USD 1-hour chart
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